Markets
Nia Warfield, Luke Kawa

S&P 500 shakes off worst day since May with best day since May

All of Friday’s worries were seemingly washed away over the weekend, with the S&P 500 posting a 1.5% gain in a widespread rally. The Nasdaq 100 gained 1.9% and the Russell 2000 led the way with a 2.1% advance, with the small-cap index the lone one of the trio to completely erase Friday’s drop.

The benchmark US stock index rebounded from its worst day since May with its best day since May, and 10 of 11 sector ETFs finished higher on the session. Energy was the only holdout, while tech and communication services delivered the most upside.

Gains on the day were led by Idexx Technologies, which jumped 27% after the veterinary lab equipment maker reported better-than-expected Q2 earnings and revenue. On Semiconductor led S&P 500 decliners, falling 15.6% after the chipmaker met Q2 estimates but saw weak sales in its two largest business units: automative and industrial.

Tesla shares rose 2.2% after the company’s board approved an “interim” stock award of 96 million shares for CEO Elon Musk, valued at nearly $30 billion at Tesla’s Friday closing price.

Joby Aviation shares jumped nearly 19% after the air taxi company said it plans to acquire the helicopter ride-share business of rival Blade Air for up to $125 million.

Opendoor Technologies shares surged 17% after the online real estate company announced after the close on Friday that it won’t pursue a reverse stock split.

Wayfair shares jumped double digits after the online home retailer delivered a massive Q2 earnings beat and its best revenue growth, even amid a shaky housing market.

Trump Media & Technology Group rose as much as 2% in premarket trading before closing modestly lower after the owner of Truth Social and a swath of crypto assets unexpectedly dropped Q2 results Friday evening.

Outside of earnings…

American Eagle shares soared almost 24% after President Donald Trump praised the retailer’s hotly discussed new marketing campaign with actress Sydney Sweeney.

Spotify jumped 5% after the music streaming giant announced another round of premium subscription price hikes as the company tries to cue up more profits.

Nio shares fell 8% as fierce competition squeezed China’s EV market, with the electric automaker reporting a month-over-month drop in July sales.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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